Financial Morning News 04/04/2014


The General Index in Athens Stock Exchange (ASE) closed at 1323.24 posting losses of 2.20%, in a turnover of €171.86mn.

Today Moody’s will announce its rating on the Greek economy. Note that yesterday, the rating agency said that the approval of the omnibus bill of reforms is credit positive. It expects Greece to record growth of 0.3% in 2014 and 1.2% in 2015. However, it added that political risks remain high ahead of local elections and European Parliament elections in May.

Greece is lining up a €2bn five-year bond sale to take place in April via lead banks Deutsche Bank, Bank of America Merrill Lynch, JP Morgan and Goldman Sachs (Reuters). Note that the Greek Finance Minister Mr. Yannis Stournaras said that Greece’s first foray into bond markets after a four-year exclusion would be on a “trial and error” basis but the nation expects to fund itself unaided in 2016.

The Prime Minister Mr. Antonis Samaras and the Deputy Premier Mr. Evangelos Venizelos are due to meet today to assess the fallout from the revelations concerning ex cabinet secretary Mr. Panayiotis Baltakos, as the government braces itself for possible further damaging recordings.

Corporate Impacts

  • PPC: The company plans to sell a €300mn bond this month (Reuters).
  • Sarantis: The company forecasts net sales of €250mn (+5.7%), EBITDA of €25.15mn (+9%) and net profits of €17.02mn (+9.6%) in 2014.
  • Technical

    FTSE 25 April future:

      Support levels: 422-416-410. Resistance levels: 436-442-450.

    General Index:

      Support levels: 1,310-1,300-1,280. Resistance levels: 1,350-1,364-1,380.


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